Speak with an experienced advisor! Having the proper health care coverage is vital – regardless of your age or income. This includes ensuring that you have proper coverage for reducing or even eliminating the out-of-pocket costs that you may be subject to, such as with Medicare coverage.
One way to provide yourself with a financial cushion from the deductibles, copayments, and coinsurance required by Medicare Parts A and B is to buy a Medicare Supplement (Medigap) insurance plan.
When considering a Medigap plan, you need to consider several factors. These include the benefits that are offered, the premium price that will be charged, and the company that is providing the plan. One of the top insurance carriers in the industry that offers Medicare Supplement is United Health Care.
History of United Health Care Company
United Health Care (UHC) is known for being dedicated to helping people live healthier lives by simplifying the healthcare experience. The company also sustains trusted relationships with care providers to better meet its customers’ overall health and wellness needs.
The company offers both employer-sponsored and individual health insurance plans – including Medicare Supplement. UHC arranges for discounted access to care via networks that include approximately 1 million physicians and other healthcare professionals, as well as roughly 6,000 hospitals and other health care facilities.
United Healthcare is considered to be the single largest health carrier in the U.S. The company has a mission of improving the quality and effectiveness of healthcare for all Americans. UHC creates products and services that can help to make health care more affordable. The company also uses technology to make the health care system easier to navigate.
UHC is a subsidiary of United Health Group, a company that is headquartered in Minneapolis, Minnesota, and offers a wide variety of different products and services via six operating companies. These include:
- United Health Care
- Ovations
- AmeriChoice
- OptumHealth
- Ingenix
- Prescription Solutions
United Health Group was initially founded in 1974 as Charter Med Incorporated, a Minnetonka, Minnesota-based privately held company. In 1977, the company reorganized, and at that time, United Health Care Corporation was created, with the purpose of managing the newly created Physicians Health Plan of Minnesota.
Today, United Health Group serves more than 70 million customers throughout the United States. The company provides benefits to people who reside in all 50 states, as well as in 125 other countries. The company is a member of the Dow Jones Industrial Average.
As of the nine months ended on September 30, 2016, United Health Care had more than $110,633 million in overall revenues. This is an increase of more than 10 percent as compared to the same time the previous year. For this same period, UHC took in nearly 5,900 million in earnings. This, too, was an increase over the same time period the prior year.
United Health Group has been given several awards. Most recently, the company was named as a Top 100 Military Friendly Employer and a Top 50 Military Spouse Friendly Employer (for 2016) by Victory Media.
Also, the company is extremely active in community involvement and volunteerism. In 2015, United Health Group supported more than 12,000 different charities worldwide through giving. That same year, employee volunteers logged 1.1 million hours. United Healthcare is headquartered in Hartford, Connecticut.
Ratings and BBB Grade
United Healthcare has been given high ratings by the insurer ratings agencies:
- A from A.M. Best
- A1 from Moody’s
- AA- from Fitch
Even though United Health Care hasn’t been accredited by the BBB, they do have an A rating from the company.
Of the 1,293 complaints throughout the past three years, 598 were about products and/or services. 240 were about billing and / or collection issues, 224 had to do with advertising and/or sales, 211 were regarding delivery issues, and 20 had to do with guarantee/warranty issues.
Which Medigap Plans Does United Health Care Company Offer?
The Medicare Supplement insurance plans that are offered through United Health Care are endorsed by AARP. Those who are members of AARP may enroll in an AARP Medicare Supplement plan.
In addition to health insurance coverage, United Health Care also offers a number of other insurance protection products, including:
- Vision Insurance
- Dental Insurance
- Term Life Insurance
- Critical Illness Insurance
- Accident Insurance
- Hospitalization Insurance
- Disability Income Insurance
- Supplemental Insurance
- International Travel Medical Insurance
United Health Care offers their plans all across the country, but the plans in Minnesota, Mass., and Wisconsin are going to be slightly different because of the state regulations.
The seven plans that are offered include:
- Plan A
- Plan B
- Plan C
- Plan F
- Plan K
- Plan L
- Plan N
Plan A is the most simple supplemental plan, offering the least amount of additional protection. Plan A gives:
- Medicare Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits have been used up
- Medicare Part B coinsurance or copayment
- First three pints of blood per year
- Medicare Part A hospice care coinsurance or copayment
Plan B offers all of the above benefits, in addition to the following:
- Medicare Part A deductible
Plan C offers all of the Plan A core benefits, as well as:
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- 80 percent foreign travel exchange - up to plan limits
Plan F, likewise, also offers all of the Medicare Supplement Plan A benefits, and it also gives:
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charge
- 80 percent foreign travel exchange - up to the plan limits
Plan K offers a somewhat different configuration of benefits, such as:
- Medicare Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- 50 percent of the Medicare Part B coinsurance or copayment
- 50 percent of the first three pints of blood per year
- 50 percent of the Medicare Part A hospice care coinsurance or copayment
- 50 percent of the skilled nursing facility care coinsurance
- 50 percent of the Medicare Part A deductible
Medicare Supplement Insurance Plan K has an out-of-pocket limit of $4,960 in 2016, and an out-of-pocket limit of $5,120 in 2017.
Plan L also has a somewhat different configuration of the benefits that are offered:
- Medicare Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
- 75 percent of Medicare Part B coinsurance or copayment
- 75 percent of the first three pints of blood per year
- 75 percent of Medicare Part A hospice care coinsurance or copayment
- 75 percent of the skilled nursing facility care coinsurance
- 75 percent of the Medicare Part a deductible amount
This plan has a total out-of-pocket limit of $2,480 in 2016 and $2,560 for 2017.
Plan N offers all of the core benefits that are provided with Medicare Supplement Plan A, as well as:
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- 80 percent of foreign travel exchange - up to the plan’s limits
What States is Medicare Supplement Insurance Offered In Through United Health Care?
United Health Care Medigap plans are sold in all 50 of the U.S. states. These plans, which are designed to help with limiting the out-of-pocket costs that are associated with Medicare Part A and Part B, can pay for some or all of the costs that Original Medicare does not pay, such as deductibles, coinsurance, and / or copayments.
Likewise, the United Health Care Medicare Supplement are offered through AARP are also offered in all 50 states, including Washington, D.C., and most U.S. territories.
Medigap plans that are offered in Massachusetts, Wisconsin, and Minnesota can differ. For example, in Massachusetts, the plans will cover a set of basic benefits, including:
- Inpatient hospital care for the Medicare Part A coinsurance, plus coverage for an additional 365 days after Medicare coverage ends
- Medicare Part B coinsurance - 20 percent of the Medicare-approved amount
- The first three pints of blood each year
- Medicare Part A hospice coinsurance or copayment
Residents of Massachusetts can then choose from a variety of different coverages, either via a core plan or a supplement plan. In Wisconsin, the above list of benefits are available, plus additional coverage through a basic plan. In Minnesota, the list above of basic benefits also includes coverage for Medicare Parts A and B home health services, and supplies cost sharing.
Getting The Best Coverage
Medicare is an excellent program, but it doesn’t give all the coverage you may need. There are several ways you can grab some additional protection, but Medigap plans are one of the best options.
Because Medicare supplemental policies are regulated by the government, the coverage is going to e the same, regardless of which carrier you choose. One thing which won’t be the same is the premiums. The same coverage with two companies could be hundreds of dollars apart. Do you want to pay more for the same protection? Probably not.
If you want to get the cheapest premiums, then you need to do some shopping around. If you don’t want to do all the work yourself, you can take advantage of our independent insurance agents. We work with dozens of companies and can craft personalized quotes for you.
Ready to get started? Give us a call.